“free cash flow in the range of $7 billion to $7.4 billion for the year”

In context

“riffs and trade policy. In Q2, the year-over-year FX impact on revenue improved [ $60 million ] versus our prior guide, but the adjusted EPS impact worsened by $0.08, largely due to onetime transactional FX caused by intra-quarter volatility in rates, which, if FX rates stay as they are today, will not reoccur in 2026. So for the full year, we now expect FX to be a year-over- year tailwind to revenue of $10 million and a headwind to adjusted operating income and adjusted EPS of $80 million and $0.27, respectively. Below the line, we now expect net interest expense to be between $360 million and $370 million in 2025, and we continue to expect an adjusted tax rate of 10.5% for the full year. We continue to expect between $1.4 billion and $1.7 billion of net capital expenditures in 2025, and free cash flow in the range of $7 billion to $7.4 billion for the year. In terms of capital deployment, we're assuming $2 billion of share buybacks, which were already completed in January. We continue to estimate the full year average diluted share count will be between 378 million and 379 million shares. And we'll return approximately $600 million of capital to shareholders this year through dividends. Our guidance does not include any future acquisitions or divestitures. So it does not include any impact from the pending acquisitions of Solventum's Purification & Filtration business and the sterile fill-finish site from Sanofi. In terms of phasing for Q3, we expect organic growth in Q3 to be about 1 point higher than Q2 and adjusted EPS to be approximately $0.10 to $0.15 higher than Q2. Then finally, I wanted to touch on the financial scenario for the nex”